Terms and Disclosures

Account Agreement Electronic Funds Transfers - Your Rights and Responsibilities
ByLaws Automated Teller Machines Transactions
Notice of Liability Minimum Account Balance & Fees
Ownership of Account and Beneficiary Designation Right to Documentation
Amendments and Termination Preauthorized Payments & Liability
Statements Preauthorized Payments – Our Liability
Account Transfers Disclosure of Account Information to Third Parties
Direct Deposits Regulatory Authority
Right to Repayment of Indebtedness Error Resolution Notice
Authorized Signer (Individual Accounts Only) Funds Availability Disclosure
Restrictive Legends Longer Delays May Apply
Payment Order of Items Truth-in-Savings Disclosure
Pledges Common Features
ACH and Wire Transfers Loan Terms and Conditions
Facsimile Signatures

Account Agreement

This document, along with any other documents we give you pertaining to your account(s), is a contract that establishes rules which control your account(s) with us. Please read this carefully. If you sign the signature card or open or continue to have your account with us, you agree to these rules. You will receive a separate schedule of rates, qualifying balances, and fees if they are not included in this document. If you have any questions, please call us.

This agreement is subject to applicable federal laws and the laws of the state of Michigan (except to the extent that this agreement can and does vary such rules or laws). The body of state and federal law that governs our relationship with you, however, is too large and complex to be reproduced here. The purpose of this document is to:

  • Summarize some laws that apply to common transactions;
  • Establish rules to cover transactions or events which the law does not regulate;
  • Establish rules for certain transactions or events which the law regulates but permits variation by agreement;
  • Give you disclosures of some of our policies to which you may be entitled or in which you may be interested.

If any provision of this document is found to be unenforceable according to its terms, all remaining provisions will continue in full force and effect. We may permit some variations from our standard agreement, but we must agree to any variation in writing on the signature card for your account or in some other document.

As used in this document the words "we," "our" and "us" mean the financial institution and the words "you" and "your" mean the account holder(s) and anyone else with the authority to deposit, withdraw, or exercise control over the funds in the account. The headings in this document are for convenience or reference only and will not govern the interpretation of the provisions. Unless it would be inconsistent to do so, words and phrases used in this document should be construed so the singular includes the plural and the plural includes the singular.

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Bylaws

Our bylaws, which we may amend from time to time, establish basic rules about our credit union policies and operations which affect your account and membership. You may obtain a copy of the bylaws on request. Our right to require you to give us notice of your intention to withdraw funds from your account is described in the bylaws. Unless we have agreed otherwise, you are not entitled to receive any original item after it is paid, although you may request that we send you an item(s) or a copy of an item(s). Dividends are based on current earning and available earnings of the credit union, after providing for required reserves.

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Notice of Liability

You agree, for yourself (and the person or entity you represent if you sign as a representative of another) to the terms of this account and the schedule of charges. You authorize us to deduct these charges directly from the account balance as accrued. You will pay any additional reasonable charges for services you request which are not covered by this agreement.

Each of you also agrees to be jointly and severally (individually) liable for any account shortage resulting from charges or overdrafts, whether caused by you or another with access to this account. This liability is due immediately, and can be deducted directly from the account balance whenever sufficient funds are available. You have no right to defer payment of this liability, and you are liable regardless of whether you signed the item or benefited from the charge or overdraft. This includes liability for our costs to collect the deficit including, to the extent permitted by law, our reasonable attorneys' fees.

Deposits – We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn "on us"). Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them. We will treat and record all transactions received on a business day we are open, or received on a day we are not open for business, as if initiated on the next following business day that we are open.

Withdrawals – Unless clearly indicated otherwise on the account records, any of you, acting alone, who signs in the space designated for signatures on the signature card may withdraw or transfer all or any part of the account balance at any time. Each of you (until we receive written notice to the contrary) authorizes each other person signing the signature card to indorse any item payable to you or your order for deposit to this account or any other transaction with us. We may charge your account for a check even though payment was made before the date of the check, unless we have received written notice of the postdating in time to have a reasonable opportunity to act. We may refuse any withdrawal or transfer request which attempt on form not approved by us, by any method we do not specifically permit, which is greater in number than the frequency permitted, or which is for an amount greater or less than any withdrawal limitation. Even if we honor a nonconforming request, we may treat continued abuse of the stated limitations (if any) as your act of closing the account. We will use the date the transaction is completed by us (as opposed to the date you initiate it) to apply the frequency limitations. The fact that we may honor withdrawal requests that overdraw the available account balance does not obligate us to do so later. See the funds availability policy disclosure for information about when you can withdraw funds you deposit. For those accounts for which our funds availability policy disclosure does not apply, you can ask us when you made a deposit when those funds will be available for withdrawal.

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Ownership of Account and Beneficiary Designation

These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We reserve the right to refuse some forms of ownership on any or all of our accounts. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds.

Individual Account – is an account in the name of one person.

Joint Account – With Survivorship (And Not As Tenants In Common) – is an account in the name or two or more persons. Each of you intends that when you die the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with survivorship and not as tenants in common.

Joint Account – No survivorship (As Tenants In Common) – is owned by two or more persons, but none of you intent (merely by opening this account) to create any right of survivorship in any other person. We encourage you to agree and tell us in writing of the percentage of the deposit contributed by each of you. This information will not, however, affect the "number of signatures" necessary for withdrawal.

Revocable Trust Account – If two or more of you create such an account, you own the account jointly with survivorship. Beneficiaries cannot withdraw unless: (1) all persons creating the account die, and (2) the beneficiary is then living. If two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account in equal shares, without right of survivorship. The person(s) creating this account type reserve the right to: (1) change beneficiaries, (2) change account types, and (3) withdraw all or part of the account funds at any time.

Stop Payments – You must make any stop-payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it before our stop-payment cutoff time. To be effective, your stop-payment order must precisely identify the number, date and amount of the item, and the payee.

You may stop payment on any item drawn on your account whether you sign the item or not, if you have an equal or greater right to withdraw from this account than the person who signed the item. A release of the stop-payment request may be made only by the person who initiated the stop-payment order.

Additional limitations on our obligation to stop payment are provided by law (e.g., we paid the item in cash or we certified the item).

Telephone Transfers – A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing.

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Amendments and Termination

We may change our bylaws and any term of the agreement. Rules governing changes in rates are provided separately. For other changes we will give you reasonable notice in writing or by any other method permitted by law. We may close this account if your membership in the credit union terminates, or by giving reasonable notice to you and tender of the account balance personally or by mail. At our option, we may suspend your rights to member services if you violate the terms of this agreement. You must keep us informed of your current address at all times. Notice from us to any one of you is notice to all of you.

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Statements

You must examine your statement of account with "reasonable promptness." If you discover (or reasonably should have discovered) any unauthorized signature or alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to either of these duties, you will have to either share the loss with us, or bear the loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items with unauthorized signatures or alterations by the same wrongdoer.

You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstance, exceed a total of 60 days from when the statement is first sent or made available to you.

You further agree that if you fail to report any unauthorized signature, alternations, forgeries, or any other errors in your account within 60 days of when we first send or make the statement, and as between you and us the loss will be entirely yours. This 60 day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.

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Account Transfer

This account may not be transferred or assigned without our prior written consent.

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Direct Deposits

If, in connection with a direct deposit plan, we deposit any amount in an account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government form the account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability.

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Right to Repayment of Indebtedness

You each agree that we may (without prior notice and when permitted by law) charge against and deduct from this account any due and payable debt owed to us now or in the future, by any of you having the right of withdrawal, to the extent of such persons' or legal entity's right to withdraw. If the debt arises from a note, "any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we charge the account, including any balance the due date for which we properly accelerate under the note.

In addition to these contract rights, we may also have rights under a "statutory lien." A "lien" on property is a creditor's right to obtain ownership of the property in the event a debtor defaults on a debt. A "statutory lien" is one created by federal or state statute. If federal or state law provides us with a statutory lien, then we are authorized to apply, without prior notice, your shares and dividends to any debt you owe us, in accord with the statutory lien.

Neither our contract rights nor rights under a statutory lien apply to this account if: (a) it is an Individual Retirement Account or other tax-deferred retirement account, or (b) the debt is created by a consumer credit transaction under a credit card plan (but this does not affect our rights under any consensual security interest), or (c) the debtor's right of withdrawal arises only in a representative capacity. We will not be liable for the dishonor of any check or draft when the dishonor occurs because we charge and deduct an amount you owe us from your account. You agree to hold us harmless from any claim arising as a result of our exercise of our right to repayment.

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Authorized Signer (Individual Accounts Only)

A single individual is the owner. The authorized signer is merely designated to conduct transactions on the owner's behalf. We undertake no obligation to monitor transactions to determine that they are on the owner's behalf.

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Restrictive Legends

We are not required to honor any restrictive legend on checks you write unless we have agreed in writing to the restriction. Examples of restrictive legends are "must be presented within 90 days" or "not valid for more than $1000.00."

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Payment Order of Items

The law permits us to pay items (such as checks or drafts) drawn on your account in any order. To assist you in handling your account with us, we are providing you with the following information regarding how we process the items that you write. When processing items drawn on your account, our policy is to pay them in the order that they are received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. If an item is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). The amounts of the overdraft and NSF fees are disclosed elsewhere. By paying items in the order that we receive them, we think our policy attains a reasonable balance between minimizing additional cost to you and paying your more important items. We encourage you to keep careful records and practice good account management. This will help you to avoid writing checks or drafts without sufficient funds and incurring the resulting fees.

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Pledges

Unless we agree otherwise in writing, each owner of this account may pledge all or any part of the funds in it for any purpose to which we agree. Any pledge of this account must first be satisfied before the rights of any surviving account owner or account beneficiary become effective.

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Ach and Wire Transfers

This agreement is subject to Article 4A of the Uniform Commercial Code – Fund Transfers as adopted in the state in which you have your account(s) with us. If you originate a funds transfer for which Fedwire is used, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearing house association rules. These rules provide, among other things that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403 (a) of the Uniform Commercial Code. If we do not receive such, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. If we receive a credit to an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.

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Facsimile Signatures

You authorize us, at any time, to charge you for all checks, drafts, or other orders, for the payment of money, that are drawn on us regardless of by whom or by what means the facsimile signature(s) may have been affixed so long as they resemble the facsimile signature specimen filed with us, and contain the required number of signatures for this purpose.

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Electronic Fund Transfers – Your Rights and Responsibilities.

Indicated below are types of Electronic Funds Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference.

Preauthorized Credits – You may make arrangements for certain direct deposits to be accepted into your share draft or share savings account(s).

Preauthorized Payments – You may make arrangements to pay certain recurring bills from your share draft or share savings account(s).

Electronic Check or Draft Conversio: Type of Transfers – Your check or draft can result in an electronic funds transfer. This can happen in several ways. For example:

  • You can purchase goods or pay for services and authorize a merchant or service provider to convert your check or draft into an electronic funds transfer.
  • At the time you offer a check or draft to a merchant or service provider, you may be asked to authorize the merchant or service provider to electronically collect a charge in the event the check or draft is returned for insufficient funds. Paying such a fee electronically is an electronic funds transfer.

Your authorization to make these types of electronic funds transfers may be expressed in writing or implied through the posting of a sign.

CU Talk Telephone Transfers: Types of Transfers – You may access your account by telephone 24 hours a day at (616) 285-5720 or 1-800-860-5704 using your personal identification number, a touch tone phone, your account numbers, and your credit union access code, to:

  • Transfer funds from share draft to share savings
  • Transfer funds from share savings to share draft
  • Transfer funds from share savings to share savings
  • Make payments from share draft to loan accounts with us
  • Make payments from share savings to loan accounts with us

Get information about:

  • The account balance of share draft accounts
  • The last five deposits to share draft accounts
  • The last five withdrawals from share draft accounts
  • The account balance of share savings accounts
  • The last five deposits to share savings accounts
  • The last five withdrawals from share savings accounts

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ATM Card ATM Transfers – Types of Transfers, Frequency and Dollar Limitations, and Charges

You may access your account(s) by ATM using your ATM card and personal identification number or Master Money Debit Card and personal identification number to:

  • Make deposits to share draft account(s) with an ATM/Debit card
  • Make deposits to share savings account(s) with an ATM/Debit card
  • Get cash withdrawals from share draft, hi-yield money market account, share savings or Qwik Cash LOC account(s) with an ATM card
    • You may withdraw no more than $300.00 per day
    • There is a charge of $1.25 per withdrawal at ATMs we do not own or operate
  • Get cash withdrawals from share draft, hi-yield money market account, share savings or Qwik Cash LOC with a debit card
    • You may withdraw no more than $300.00 per day
    • There is a charge of $1.25 per withdrawal at ATMs we do not own or operate
  • Transfer funds from share savings to share draft account(s) with an ATM/Debit card
  • Transfer funds from share draft to share savings account(s) with an ATM/Debit card

Some of these services may not be available at all terminals.

Types of ATM Card Point-of-Sale Transactions – You may access your share draft account(s) to purchase goods (in person), pay for services (in person), and get cash from a merchant, if the merchant permits, or from a participating financial institution.

Point-of-Sale Transactions – Dollar Limitations and Charges – Using your card:

  • You may not exceed $300.00 in transactions per day

Types of Master Money Debit Card Point-of-Sale Transactions – You may access your share draft account(s) to purchase goods (in person or by phone), pay for services (in person or by phone), and do anything that can be done with a credit card (that a participating merchant will accept with a credit card).

Point-of-Sale Transactions – Dollar Limitations and Charges – Using your card:

  • You may not exceed $600.00 in transactions per spend limit
  • Higher limits may be available subject to approval of management.

Currency Conversion – When you use your Master Money Debit Card at a merchant that settles in currency other than U.S. dollars, the charge will be converted into the U.S. dollar amount. The currency conversion rate used to determine the transaction amount in U.S. dollars is either a wholesale market rate or the government mandated rate in effect the day before the processing date, increased by 1%. The conversion rate in effect on the processing date may differ from the rate in effect on the transaction date or posting date.

Advisory Against Illegal Use – You agree not to use your card(s) for illegal gambling or other illegal purpose. Display of a payment card logo by, for example, an on-line merchant does not necessarily mean that the transaction(s) is lawful in all jurisdictions in which the cardholder may be located.

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Minimum Account Balance & Fees

You must maintain a minimum account balance of $5.00 in your share savings account as a condition of using an access device (card and/or identification code) to accomplish a transfer.

Fees

  • We do not charge for direct deposits to any type of account.
  • We do not charge for preauthorized payments from any type of account.
  • Please refer to our separate fee schedule for additional information about fees.
  • Except as indicated elsewhere, we do not charge for these electronic fund transfers.

ATM Operator/Network Fees – When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer).

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Right to Documentation

Terminal Transfers – You can get a receipt at the time you make any transfer to or from your account using one of our automated teller machines or point-of-sale terminals.

Preauthorized Credits – If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at (616) 364-7283 to find out whether or not the deposit have been made (inquiries can also be made through Speedy Line Audio Banking or It's Me 247 on-line banking).

Periodic Statements – You will get a monthly account statement from us for our share draft accounts.

You will get a quarterly account statement from us for your share savings accounts.

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Preauthorized Payments & Liability

Right to stop payment and procedure for doing so – If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here is how:

Call or write us at the telephone number or address listed in this brochure in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and to get it to us within 14 days after you call. Please refer to our separate schedule for the amount we will charge you for each stop-payment order you give.

Notice of varying amounts – If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)

Liability for failure to stop payment of preauthorized transfer – If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

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Preauthorized Payments – Our Liability

Liability for failure to make transfers   If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable for instance:

  1. If, through no fault of ours, you do not have enough money in your account to make the transfer.
  2. If you have an overdraft line and the transfer would go over the credit limit.
  3. If the automated teller machine where you are making the transfer does not have enough cash.
  4. If the terminal or system was not working properly and you know about the breakdown when you started the transfer.
  5. If circumstances beyond our control (such as fire or flood) prevent the transfer despite reasonable precautions that we have taken.
  6. There may be other exceptions stated in our agreement with you.

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Disclosure of Account Information to Third Parties

We will disclose information to third parties about your account or the transfers you make:

  1. Where it is necessary for completing transfers; or
  2. In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or
  3. In order to comply with government agency or court orders; or
  4. As explained in the separate Privacy Disclosure.

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Regulatory Authority

(a) Consumer Liability

Generally. Tell us AT ONCE if you believe your card and/or code has been lost or stolen. Telephone is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). If you tell us within 2 business days, you can lose no more than $50 if someone used your card and/or code without your permission. (If you believe your card and/or code has been lost or stolen, and you tell us within 2 business days after you learn of the loss or theft, you can lose no more than $50 is someone used your card and/or code without your permission.)

If you do not tell us within 2 business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you told us, you could lose as much as $500.

Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time.

If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

Additional Limit on Liability for Master Money Debit Card. Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen Master Money Debit Card. This additional limit on liability does not apply to ATM transactions, to transactions using your Personal Identification Number which are not processed by Master Card® or to commercial cards.

(b) Contact in event of unauthorized transfer.

If you believe your card and/or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call or write us at the telephone number or address listed in this brochure.

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Error Resolution Notice

In case of errors or questions About Your Electronic Transfers, call or write us at the telephone number or address listed in this brochure, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.

  1. Tell us your name and account number (if any).
  2. Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
  3. Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine whether an error occurred within 10 business days (5 business days for Master Money Debit Card point-of-sale transactions and 20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days of the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or questions. If we decide to do this, we will credit your account within 10 business days (5 business days for Master Money Debit Card point-of-sale transactions and 20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or questions in writing and we do not receive it within 10 business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened.

We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation.

You may ask for copies of the documents that we used in our investigation.

MORE DETAILED INFORMATION IS AVAILABLE UPON REQUEST

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Funds Availability Disclosure

This policy statement applies to "transaction" accounts. Transaction accounts, in general, are accounts which permit an unlimited number of payments to third persons and an unlimited number of telephone and pre-authorized transfers to other accounts of yours with us. Share draft accounts are the most common transaction accounts. Feel free to ask us whether any of your other accounts might also be under this policy.

Our policy is to make funds from your cash and most check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available no later than the business day after the banking day on which the credit union received the electronic payment. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written.

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before closing on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after closing or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.

If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time period that are described elsewhere in this disclosure for the type of check that you deposited.

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Longer Delays May Apply

Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the ninth business day after the day of your deposit. The first $200 of your deposit(s), however, will be available on the first business day after the day of your deposit with the exception of deposits made at non-proprietary ATM's. ATM machines not bearing the Co-Op Network logo will be considered Non-proprietary ATM's. Deposits will be made available by the 5th business day after the day of deposit.

If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.

If you will need the funds from a deposit right away, you should ask us when the funds will be available.

Safeguard exceptions   In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

  • We believe a check you deposit will not be paid.
  • You deposit a personal check for more than $5000.00.
  • You redeposit a check that has been returned unpaid.
  • You have overdrawn your account repeatedly in the last six month.
  • There is an emergency, such as failure of computer or communications equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the ninth business day after the day of your deposit.

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Truth-In-Savings Disclosures

Share Account

Rate Information – The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.

Compounding and Crediting – Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

Dividend Period – For this account type, the dividend period is quarterly for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31.

If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum Balance Requirements – The minimum required to open this account is the purchase of a $5.00 share in the credit union. Please see the bylaw requirements in the Common Features section for additional information.

You must maintain a minimum balance of $100.00 in your account to obtain the disclosed annual percentage yield.

Average Daily Balance Computation Method – Dividends are calculated by the daily balance method which applies a periodic rate to the principal in your account each day.

Accrual of Dividends on Non-cash Deposits – Dividends will begin to accrue on the business day you deposit non-cash items (e.g. checks) to your account. You may not have immediate access to those deposits due to various on-hold periods.

Transaction Limitations – No transaction limitations apply to this account unless otherwise stated in the Common Features section.

Par Value of a Share – The par value of a share in this account is $5.00.

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Holiday Club Account

Rate information – The dividend rate and annual percentage yield may change at any time as determined by the credit union board of directors.

Compounding and Crediting – Dividends will not be compounded. Dividends will be credited to your account once every year.

Dividend Period – For this account type, the dividend period is annual, for example, the beginning date of the first dividend period of the calendar year is October 1, and the ending date of such dividend period is September 30 of the following year. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is September 30.

If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum Balance Requirements – There is no minimum balance requirement to open this account or to earn interest.

Daily Balance Computation Method – Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in your account each day.

Accrual of Dividends on Non-Cash Deposits – Dividends will begin to accrue on the business day you deposit non-cash items (e.g. checks) to your account. You may not have immediate access to those deposits due to various on-hold periods.

Transaction Limitations – You may not make any withdrawals or transfers to another credit union account of your or to a third party bymeans of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.

If any withdrawal is made from this account before the end of the club term a $5.00 fee will be assessed for each withdrawal.

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Hi-Yield Money Market Account

Rate Information – The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.

Compounding and Crediting – Interest will be based upon the daily balance method, paid monthly, credited monthly, and compounded monthly.

Dividend Period – For this account type, the interest period is monthly, for example, the beginning date of the first interest period of the calendar year is January 1 and the ending date of such interest period is January 31. All future interest periods follow this same pattern of dates. Interest shall be paid on the last day of the month and paid interest shall be available for member withdrawal on the following business day.

If you close your account before dividends are paid, you will receive the accrued dividends.

Minimum Balance Requirements – The minimum balance required to open a High Yield Money Market Account shall be $2000.00 and the purchase of a $5.00 par value share in FEDCOM Credit Union. If at any time the account balance falls below the minimum balance of $2000.00, the funds in the account shall be transferred to the members regular share account (suffix 000), and the High Yield Money Market Account will be closed. Once funds are transferred to the member's regular share account the transferred funds will earn a dividend APY which is traditionally lower AND that is applicable to the terms and conditions of the credit union's regular share saving's account.

Daily Balance Computation Method – Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in your account each day that the balance is on deposit.

Accrual of Interest on Non-Cash Deposits – Even though you may not have immediate withdrawal or transfer access to deposits made into the money market account for such items as non-cash deposits (i.e., checks, drafts, etc.), because of various credit union on-hold periods, interest shall begin to accrue on all deposits made into the money market account the same business day you deposit non-cash items (e.g. checks) to your account.

Transaction Limitations – For High Yield Money Market accounts, federal regulation limits no more than six (6) withdrawals such as pre-authorized, automatic, audio response, home banking, or transfers of any kind may be made from each account to another account or to a third party in any month, and no more than three (3) of these six (6) withdrawals and or transfers may be made by check, draft, debit card, or other similar method to a third party. Should you exceed these limitations; your account may be subject to a fee and or be closed. There are no withdrawal restrictions and or limitations on High Yield Money Market accounts that are transacted at FEDCOM CU by: proprietary ATM's (owned by the credit union), credit union tellers, or by mailed written request. Minimum withdrawals and/or transfers must be $100.00 or more.

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Checking (Share Draft) Account

You must have $5.00 in your Share Savings account at all time to qualify for this account.

Minimum Balance Requirements – There is no minimum balance required to open this account. All costs of drafts, returned drafts, stop payment orders and copies of drafts will be charged to the member.

Other Conditions – The account may be closed at the discretion of the credit union for any of the following reasons:

  • Abusive use by the member such as:
    • False information on the original application for membership.
    • Repeated overdrafts
    • Possible kiting of drafts
    • Repeated occurrences of non-sufficient funds, returned drafts.
    • Other valid reasons as determined by credit union management.
  • A member is more than 2 months delinquent on an outstanding loan with the credit union.
  • Members share draft account is inactive for a period not to exceed 6 months.

If the account is closed by the credit union the member will be notified by certified mail.

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Organization Account

You must provide a taxpayer identification number to earn dividends on this account.

Rate Information – The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.

Compounding and Crediting – Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

Dividend Period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31.

If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum Balance Requirements – The minimum balance required to open this account is $5.00.

You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.

Average Daily Balance Computation Method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number days in the period. The period we use is the quarterly statement cycle.

Accrual of Dividends on Non-Cash Deposits – Dividends will begin to accrue on the business day you place non-cash items (for example, check) to your account.

Transaction Limitations – No transaction limitations apply to this account unless otherwise stated in the Common Feature section.

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IRA

The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.

Compounding and Crediting – Dividends will be daily and will be credited monthly.

Dividend Period – For this account type, the dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates.

Minimum Balance Requirements – There is no minimum balance requirement on this account.

Average Daily Balance Computation Method – Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in your account each day.

Accrual of Dividends on Non-Cash Deposits – Dividends will begin to accrue on the business day you deposit non-cash items (e.g. checks) to your account. You may not have immediate access to those deposits due to various on-hold periods.

Transaction Limitations – You may not make any withdrawals or transfers to another credit union account of your or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.

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Share/IRA Certificate

Minimum balance required to open this account is $500.00. You must maintain a minimum daily balance of $500.00 in your account each day to obtain the disclosed annual percentage yield.

Daily Balance Computation Method – Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of Dividends on Non-Cash Deposits – Dividends will begin to accrue on the business day you place non-cash items (e.g. checks) to your account.

Transaction Limitations – After the account is opened, you may not make additions into the account until the maturity date stated on the account.

Terms of Certificates – Certificates are available in the following terms - 6, 12, 18, 24, 30, 36, 48, and 60 months.

Early Withdrawal Penalties – A 30 day written notice is required for early withdrawal. A penalty may be imposed for withdrawals before maturity. The penalty we may impose will be:

  1. As a credit union depositor, you are entitled to the full interest rate as stated upon your Certificate of Deposit, providing you do not withdraw your funds earlier than the maturity date stated. Should you find it necessary to withdraw your funds prior to the maturity date stated, your accumulated interest and/or principal may be reduced in accordance with established penalties. Penalties for early withdrawal are based upon the term or length of time funds were to remain on deposit. Specific penalties for specific terms will be disclosed on your individual certificate of deposit.
  2. If regular share account is closed the certificate will be considered as being withdrawn and all applicable penalties will be assessed.
  3. There is no penalty for early withdrawal due to the death of the primary owner.

Automatically Renewable Account – In the event the Certificate of Deposit is not presented for payment on its maturity date, it will be automatically renewed, at the prevailing rate of interest and under the terms and conditions of the original certificate unless the credit union has given written notice to the owner(s) of a change in the terms or conditions, or that it will not be renewed.

There is no grace period for certificate renewals.

Certificates of Deposit may not be pledged, transferred or assigned except to this credit union.

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Common Features

Bylaw Requirements – You must complete payment of one share in your Share Savings account as a condition of admission to membership. If the balance in your Share Savings Account falls below $5.00, you may be terminated from membership immediately.

Transaction Limitation – We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from an interest bearing account other than a time deposit, or from any other savings account as defined by Regulation D.

Nature of Dividends – Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. (This disclosure further explains the dividend feature of your non-term share account(s).)

National Credit Union Share Insurance Fund – Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.

Fees and Charges – Please refer to our separate fee schedule for additional information about charges.

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Loan Terms and Conditions

Collection Costs

You promise to pay all costs of collecting your delinquent accounts to the extent permitted by state law.

Late Charges

Effective January 1, 2014, Late Charges for all new loans will be as follows:

Consumer Loan: If your payment is more than 10 days late you will be charged a $25 late fee.

Home Equity Line of Credit: If your payment is more than 15 days late you will be charged a $25 late fee.

Home Equity Installment: If your payment is more than 30 days late you may be charged $0.25 or 20% of interest due, which ever is greater.

Prime Rate for Qwik Cash Line of Credit Accounts

The margin and Annual Percentage Rate (APR) for new and existing balances will change on the 1st day of each quarter (January, April, July, October) to reflect any change in the Index. The Index is the Prime Rate as Published in the Money Rates column of the Wall Street Journal. The APR is determined by adding a margin to the Index. We will use the most recent index value as of the most recent business day before any APR change. The Annual Percentage Rate will never exceed 25%. If the APR increases, you will make more payments of the same amount.

Qwik Cash Minimum Monthly Payment

Your minimum monthly payment is the greater of $15.00 or 3% of the balance due.

Prime Rate for Home Equity Line of Credit Loans

This plan has a variable rate feature and the Annual Percentage Rate (corresponding to the periodic rate) and the minimum payment may change as a result. The Annual Percentage Rate includes only interest and no other costs. The Annual Percentage Rate is based on the value of an index. The index is the Prime Rate published in the Money Rates column of the Wall Street Journal. When a range of rates has been published the highest rate will be used. We will use the most recent index value available to us as of 20 days before the date of any Annual Percentage Rate adjustment. The Annual Percentage Rate can change quarterly the first day of January, April, July and October. There is no limit on the amount by which the Annual Percentage Rate can change during any one-year period. The maximum Annual Percentage Rate that can apply is 25% or the maximum permitted by law, whichever is less.

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